-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
IXLPM5G/x3sIaNAPyXpPgANXdwqn6PqtuesI98C/Td0/TCxkkBg0DHVZvp+EDo8Y
gl8MO56/RBLZWAIKyVrwDQ==
UNITED STATES FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 5, 2003
Essex Property Trust, Inc.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of registrant as specified in its charter)
Commission file number 001-13106
|
|
|
|
925 East Meadow Drive
Palo Alto, California 94303
(650) 494-3700
Not Applicable
Item 7. Financial Statements and Other Exhibits
Exhibit Number |
Description |
99.1 |
Press Release dated February 5, 2003 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned therunto duly authorized.
Date: February 6, 2003
Essex Property Trust, Inc. |
By: | /s/ Mark J. Mikl |
| |
Mark J. Mikl | |
Vice President and Controller |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Michael J. Schall, Chief Financial Officer, (650) 849-1600
Mary C. Jensen, Director of Investor Relations, (650) 849-1656 Essex Announces Fourth Quarter and Annual 2002 Results FFO Per Share
Palo Alto, California-February 5, 2003-Essex Property Trust, Inc. (NYSE:ESS), a Real Estate Investment Trust (REIT) with apartment communities located in targeted West Coast markets, today reported operating results for the fourth quarter and year ended December 31, 2002. For the quarter ended December 31, 2002, Funds From Operations (FFO) amounted to $23.0 million, or $1.09 per diluted share, compared to $23.5 million, or $1.12 per diluted share, for the quarter ended December 31, 2001, representing a 2.7 percent decrease in FFO per share. For the year ended December 31, 2002, Essex reported FFO of $94.6 million, or $4.50 per diluted share, a 2.5 percent increase from FFO of $92.3 million, or $4.39 per diluted share, for the year ended December 31, 2001.
Keith R. Guericke, President and Chief Executive Officer commented that, "The economic environment continued to be challenging in 2002, which affected most companies across the country as well as Essex's business activities. During the year, the Company increased its real estate investments within its strong Southern California region, while maintaining its solid financial condition. Looking forward, we continue to believe that Essex's core strategy of investing in supply-constrained markets will generate favorable long-term results."
The Company's financial results are summarized as follows:
Quarter Ended December 31, |
Year Ended December 31, |
|||||
2002 |
2001 |
Percent Change |
2002 |
2001 |
Percent Change |
|
(Dollar in thousands, except per share amounts) |
||||||
Revenues |
$ 50,934 |
$ 52,187 |
-2.4% |
$ 200,122 |
$ 203,539 |
-1.7% |
Funds From Operations (FFO) |
$ 22,980 |
$ 23,487 |
-2.2% |
$ 94,588 |
$ 92,277 |
2.5% |
Net Income |
$ 9,605 |
$ 11,070 |
-13.2% |
$ 52,874 |
$ 48,545 |
8.9% |
Per Diluted Share: |
||||||
FFO Per Share |
$ 1.09 |
$ 1.12 |
-2.7% |
$ 4.50 |
$ 4.39 |
2.5% |
Net Income Per Share |
$ 0.51 |
$ 0.59 |
-13.6% |
$ 2.82 |
$ 2.59 |
9.3% |
Funds From Operations (FFO) was positively impacted by miscellaneous non-recurring income of $1.5 million, or $0.07 per diluted share, for the quarter ended December 31, 2002 and $4.9 million, or $0.24 per diluted share, for the year ended December 31, 2002.
Portfolio Composition
The following table compares Essex's regional concentrations for its multifamily portfolio as of December 31, 2002 and December 31, 2001.
As of December 31, 2002 |
As of December 31, 2001 |
|||
Number of Apartment Homes |
% |
Number of Apartment Homes |
% |
|
Southern California |
13,654 |
58 |
11,295 |
54 |
San Francisco Bay Area |
4,023 |
17 |
4,023 |
19 |
Seattle Metro. Area |
4,073 |
17 |
4,073 |
20 |
Portland Metro. Area |
1,371 |
6 |
1,371 |
7 |
Other |
578 |
2 |
- |
- |
Total |
23,699 |
100 |
20,762 |
100 |
Property Operations
The following results omit properties in development or lease-up, properties owned less than a year, and properties that are accounted for under the equity method of accounting.
A breakdown of the same-property net operating income results relative to the prior comparative period for Essex's multifamily properties is as follows:
Quarter Ended December 31, 2002 |
Year Ended December 31, 2002 |
|||||
Revenues |
Operating Expenses |
Net Operating Income |
Revenues |
Operating Expenses |
Net Operating Income |
|
Southern California |
7.5% |
5.6% |
8.4% |
3.6% |
3.7% |
3.5% |
San Francisco Bay Area |
-11.4% |
9.6% |
-17.8% |
-12.5% |
3.0% |
-16.8% |
Pacific Northwest |
-6.7% |
13.1% |
-14.9% |
-6.9% |
1.8% |
-10.7% |
Same-Property Average |
-3.3% |
9.1% |
-8.1% |
-5.3% |
2.9% |
-8.3% |
A breakdown of the same-property financial occupancies for Essex's multifamily properties is as follows:
For the Quarters Ended |
|||
12/31/2002 |
9/30/2002 |
12/31/2001 |
|
Southern California |
96.3% |
96.4% |
92.8% |
San Francisco Bay Area |
96.1% |
96.8% |
94.3% |
Pacific Northwest |
93.8% |
94.8% |
92.2% |
Same-Property Average |
95.5% |
96.1% |
93.2% |
A breakdown of same-property concessions for Essex's multifamily properties is as follows:
For the Quarters Ended |
|||
(in thousands) |
|||
12/31/2002 |
9/30/2002 |
12/31/2001 |
|
Southern California |
$116.2 |
$124.5 |
$172.3 |
San Francisco Bay Area |
160.2 |
270.9 |
244.1 |
Pacific Northwest |
323.2 |
289.7 |
197.7 |
Same-Property Average |
$599.6 |
$685.1 |
$614.1 |
Total concessions decreased for the Company's consolidated portfolio to $741,600 for the quarter ended December 31, 2002, compared to $894,400 for the quarter ended September 30, 2002, and $820,500 for the quarter ended December 31, 2001.
Results from the fourth quarter 2002 compared to the third quarter 2002 continue to reflect negative rental growth, a decrease in occupancy levels, and lower concessions.
The following is the sequential percentage change in same-property revenues for the quarter ended December 31, 2002 versus the quarter ended September 30, 2002:
Revenues |
|
Southern California |
1.2% |
San Francisco Bay Area |
-1.7% |
Pacific Northwest |
-2.8% |
Same-Property Average |
-0.9% |
Acquisitions
On December 17, 2002, the Company acquired, by merger, John M. Sachs, Inc. resulting in the acquisition of a real estate portfolio which consisted of 18 apartment communities comprising 2,683 apartment homes located in San Diego County, California, a 302-unit apartment community located in Houston, Texas, a 276-unit apartment community located in Riverside County, California; five recreational vehicle parks totaling 1,717 spaces, of which 1,581 spaces are located in either San Diego or Riverside County, California and 136 spaces are located in Las Vegas, Nevada; two manufactured housing communities totaling 607 sites, of which 450 sites are located in Las Vegas, Nevada and 157 sites are located in San Diego County, California; and two small office buildings totaling approximately 7,200 square feet located in San Diego, California.
The merger was structured as a tax-free reorganization with real estate assets valued at approximately $301 million. Consideration provided in the merger was in the form of a common stock issuance, assumption of liabilities and cash, as follows:
Development
As of December 31, 2002, the Company had ownership interests in development communities, which have a combined estimated construction cost of approximately $176.7 million. These projects exclude development projects owned by the Essex Apartment Value Fund, L.P.
Redevelopment
The Company considers redevelopment of existing properties to be an important element of its real estate strategy - focusing on its redevelopment activities in West Coast submarkets where new housing construction is limited. Many of these markets have older properties in premier locations with lower density, and large apartment homes. The Company seeks to improve the financial and physical aspects of these assets through a redevelopment program that seeks to achieve a minimum 15 percent return on the incremental renovation investment.
During the fourth quarter of 2002, the Company completed two redevelopment communities,
Le Parc Luxury Apartments (formerly Plumtree) and The Lofts at Pinehurst (formerly Villa Scandia), aggregating 258 units with combined renovation costs of approximately $6.9 million.
Financing Activities
On November 14, 2002, the Company refinanced variable rate loans that were in place on Coronado at Newport-North and South, a combined 1,447-unit apartment community, located in Newport Beach, California. The principal balance of these variable rate loans at the time of payoff was approximately $71.7 million with interest at the rate of LIBOR plus 2.25%. The new loans are non-recourse mortgages totaling $106.9 million, with a 5.30% fixed interest rate, that matures in December 2012. The asset is owned by the Lend Lease co- investment, in which the Company is a 49.9 percent partner.
On December 11, 2002, the Company obtained $33.9 million of long-term variable rate debt that bears interest at a floating rate tied to short-term tax-exempt revenue bonds and matures in December 2032. These revenue bonds will finance the development and operations of
Hidden Valley-Parker Ranch, a 324-unit apartment community in Simi Valley, California. The Company's liability for this indebtedness will increase from $600,000 at December 31, 2002 to $33.9 million as project-related costs are incurred.
On December 17, 2002, the Company obtained four non-recourse mortgages totaling $64.0 million with a weighted average interest rate of 5.64%, maturing in December 2012 on four previously unencumbered properties.
On December 27, 2002, one of the Company's equity method investments obtained a second non-recourse mortgage for $8.1 million, with a 4.25% fixed interest rate on Highridge Apartments. The June 2007 maturity is concurrent with the existing first non-recourse mortgage on the property. Highridge Apartments, a 255-unit apartment community located in Rancho Palos Verdes, California, is owned by five partnerships, which Essex Management Corporation, an unconsolidated preferred stock subsidiary of the Company ("EMC"), is a 1% general partner and the Operating Partnership holds a 1% special limited partnership interest.
On December 27, 2002, the Company repaid a non-recourse mortgage that matured in the amount of $8.3 million. The interest rate on this loan was 8.78%.
Essex Apartment Value Fund, L.P.
The Fund was organized to add value through rental growth and asset appreciation and to utilize the Company's development, redevelopment and asset management capabilities.
The Fund completed its final closing on February 15, 2002 with total equity commitments of approximately $250 million. An affiliate of the Company, Essex VFGP, L.P. ("VFGP"), is the Fund's one percent general partner and is a 20.4 percent limited partner. Essex Portfolio, L.P. (the "Operating Partnership") owns a 99 percent limited partnership interest in VFGP. At December 31, 2002, the Fund has approximately $400 million of investment capacity.
Fund Activities
On October 3, 2002, the Fund purchased Ocean Villa, a 119-unit apartment community located in Oxnard, California for a contract price of $13.3 million, and unencumbered of mortgage debt.
On November 26, 2002, the Fund purchased The Villas at Carlsbad, a 102-unit apartment community located in Carlsbad, California for a contract price of $14.3 million.
Other Company Information
Essex's total market capitalization at December 31, 2002 was approximately $2.2 billion. The Company's mortgage notes payable had an average maturity of 8.7 years and an average interest rate of 6.8 percent. As of December 31, 2002, the Company's debt-to-total-market-capitalization ratio was 36.4 percent and interest coverage for the fourth quarter of 2002 was 3.8 times EBITDA.
During the quarter, the Company's Board of Directors declared a regular quarterly cash dividend of $0.77 per common share or $3.08 per common share on an annualized basis. The dividend was payable on January 15, 2003 to shareholders of record as of December 6, 2002 and represents a 10 percent per share increase compared to the fourth quarter 2001.
The Company reiterates its previous guidance for estimated FFO per diluted share of $4.33 to $4.45 per share for calendar year 2003.
Conference Call with Management
An earnings conference call with management is scheduled for tomorrow, Thursday, February 6, 2003, at 11:00 a.m. Pacific Time - 2:00 p.m. Eastern Time, which will be broadcast live via the Internet at www.essexpropertytrust.com, and accessible via phone by dialing (800) 231-9012 - a passcode is not required.
A replay of the call is also available via the Internet for two weeks following the live call. You can access the rebroadcast via the Internet at www.essexpropertytrust.com.
Supplemental financial information is available via e-mail by sending requests to the investors relations department at investors@essexpropertytrust.com.
Essex Property Trust, Inc., located in Palo Alto, California and traded on the New York Stock Exchange (ESS), is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast communities. Essex currently has ownership interests in 113 multifamily properties (23,969 units), and has 1,251 units in various stages of development. Additional information about Essex can be found on the Company's web site at www.essexpropertytrust.com. If you would like to receive future press releases via e-mail, please send a request to investors@essexpropertytrust.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release includes forward-looking statements, including statements regarding FFO per diluted share estimates, our portfolio allocations, statements regarding when property developments and redevelopments will be finished and stabilized, statements regarding future leasing activities, statements regarding future construction costs, and statements regarding estimated values of properties. The Company's actual results may differ materially from those projected in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, changes in market demand for rental units and the impact of competition and competitive pricing, changes in economic conditions, unexpected delays in the development and stabilization of development and redevelopment projects, unexpected difficulties in leasing of development and redevelopment projects, total costs of renovation investments exceeding our projections and other risks detailed in the Company's filings with the Securities and Exchange Commission (SEC). The Company assumes no obligation to update this information. For more details relating to risk and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent Report on Form 10-K for the year ended December 31, 2001 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2002, June 31, 2002 and September 30, 2002.
###
Operating Results Three Months Ended Twelve Months Ended (Dollars in thousands, except per share amounts) December 31, December 31, - ------------------------------------------------------------------------------ ---------------- ---------------- ---------------- 2002 2001 2002 2001 ---------------- ---------------- ---------------- ---------------- Revenues: Rental $ 45,686 $ 42,952 $ 171,909 $ 175,894 Other property 1,352 1,231 5,356 5,493 ---------------- ---------------- ---------------- ---------------- Total property revenues 47,038 44,183 177,265 181,387 Interest and other 3,896 8,004 22,857 22,152 ---------------- ---------------- ---------------- ---------------- 50,934 52,187 200,122 203,539 Expenses: ---------------- ---------------- ---------------- ---------------- Property operating 15,042 14,070 52,454 52,277 Depreciation and amortization 9,813 9,250 37,042 35,915 Interest 8,950 9,850 35,012 38,746 Amortization of deferred financing costs 163 147 605 657 General and administrative 1,544 1,932 6,291 7,498 ---------------- ---------------- ---------------- ---------------- Total expenses 35,512 35,249 131,404 135,093 Income from continuing operations before gain on sale of ---------------- ---------------- ---------------- ---------------- real estate, minority interests and discontinued operations 15,422 16,938 68,718 68,446 Gain on sale of real estate -- -- -- 3,788 Minority interests (5,817) (6,056) (24,130) (24,322) ---------------- ---------------- ---------------- ---------------- Income from continuing operations 9,605 10,882 44,588 47,912 Discontinued operations (net of minority interests): Operating income from real estate sold -- 188 225 633 Gain on sale of real estate -- -- 8,061 -- ---------------- ---------------- ---------------- ---------------- Net income available to common stockholders $ 9,605 $ 11,070 $ 52,874 $ 48,545 ================ ================ ================ ================ Net income per share - basic $ 0.51 $ 0.60 $ 2.85 $ 2.63 ================ ================ ================ ================ Net income per share - diluted $ 0.51 $ 0.59 $ 2.82 $ 2.59 ================ ================ ================ ================ Certain prior period balances have been reclassified to conform to the current year presentation.
See Company's 10-K and 10-Q for additional disclosures
F-1
Operating Results Selected Line Item Detail Three Months Ended Twelve Months Ended (Dollars in thousands) December 31, December 31, - ---------------------------------------------------------------------------------- ---------------- ---------------- ---------------- 2002 2001 2002 2001 ---------------- ---------------- ---------------- ---------------- Interest and other Interest income $ 364 $ 2,309 $ 5,026 $ 6,050 Equity income in co-investments 1,115 5,500 8,250 13,726 Fee income 969 195 3,232 1,345 Gain on sale of co-investment activities, net -- -- 1,408 -- Miscellaneous - non-recurring 1,448 -- 4,941 1,031 ---------------- ---------------- ---------------- ---------------- Interest and other $ 3,896 $ 8,004 $ 22,857 $ 22,152 ================ ================ ================ ================ Property operating expenses Maintenance and repairs $ 2,840 $ 4,046 $ 10,971 $ 12,439 Real estate taxes 3,281 3,067 12,707 12,152 Utilities 2,493 1,484 8,826 8,620 Administrative 4,888 4,276 14,963 15,088 Advertising 921 852 2,932 2,841 Insurance 619 345 2,055 1,137 ---------------- ---------------- ---------------- ---------------- Property operating expenses $ 15,042 $ 14,070 $ 52,454 $ 52,277 ================ ================ ================ ================ General and administrative Total general and administrative $ 3,090 $ 3,680 $ 12,538 $ 14,023 Allocated to property operating expense - administrative (612) (570) (2,395) (2,291) Allocated to Essex Management Corporation (707) (970) (2,717) (2,635) Capitalized and incremental to real estate under development (227) (208) (1,135) (1,599) ---------------- ---------------- ---------------- ---------------- Net general and administrative $ 1,544 $ 1,932 $ 6,291 $ 7,498 ================ ================ ================ ================ Minority interests Limited partners of Essex Portfolio, L.P. $ 1,170 $ 1,355 $ 5,481 $ 5,807 Perpetual preferred distributions 4,580 4,580 18,319 18,319 Series Z incentive units 39 -- 197 -- Third party ownership interests 28 121 133 196 ---------------- ---------------- ---------------- ---------------- Minority interests $ 5,817 $ 6,056 $ 24,130 $ 24,322 ================ ================ ================ ================ Certain prior period balances have been reclassified to conform to the current year presentation.
See Company's 10-K and 10-Q for additional disclosures
F-2
Funds From Operations Three Months Ended Twelve Months Ended (Dollars in thousands, except per share amounts) December 31, December 31, - --------------------------------------------------------------------------- ---------------- ----------------- -------------- 2002 2001 2002 2001 ---------------- ---------------- ----------------- -------------- Funds From Operations Income from continuing operations before minority interests and discontinued operations $ 15,422 $ 16,938 $ 68,718 $ 68,446 Adjustments: Gain on sale of co-investment activities, net -- -- (1,408) -- Depreciation and amortization 9,813 9,250 37,042 35,915 Depr. and amort. - unconsolidated co-investments 2,354 1,694 8,246 5,341 Minority interests (4,609) (4,678) (18,426) (18,438) Income from discontinued operations -- 188 225 633 Depreciation - discontinued operations -- 95 191 380 ---------------- ---------------- ----------------- -------------- Funds from operations $ 22,980 $ 23,487 $ 94,588 $ 92,277 ================ ================ ================= ============== Components of the change in FFO Same property NOI $ (2,224) $ (9,514) Non-same property NOI 4,107 5,215 Income and depreciation from discontinued operations (283) (597) Other - corporate and unconsolidated co-investments (3,448) 2,202 Interest expense and amortization of deferred financing 884 3,786 General and administrative 388 1,207 Minority interests 69 12 ---------------- ----------------- Funds from operations $ (507) $ 2,311 ================ ================= Funds from Operations Per Share - Diluted $ 1.09 $ 1.12 $ 4.5 $ 4.39 ================ ================ ================= ============== Percentage Increase -2.7% 2.5% ================ ================= Weighted average number of shares outstanding diluted (1) 21,142,452 21,026,883 21,007,502 21,004,707 ================ ================ ================= ============== (1) Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock.
See Company's 10-K and 10-Q for additional disclosures
F-3
Balance Sheet (Dollars in thousands) December 31, 2002 December 31, 2001 - --------------------------------------------------------------------------- ------------------- Real Estate: Land and land improvements $ 368,712 $ 291,913 Buildings and improvements 1,147,244 883,287 ------------------- ------------------- 1,515,956 1,175,200 Less: accumulated depreciation (191,821) (156,269) ------------------- ------------------- 1,324,135 1,018,931 Investments 61,212 95,460 Real estate under development 143,756 93,256 ------------------- ------------------- 1,529,103 1,207,647 Cash and cash equivalents 17,827 23,603 Other assets 66,532 92,484 Deferred charges, net 6,272 5,724 ------------------- ------------------- Total assets $ 1,619,734 $ 1,329,458 =================== =================== Mortgage notes payable $ 677,563 $ 564,201 Lines of credit 126,500 74,459 Other liabilities 61,827 52,719 ------------------- ------------------- 865,890 691,379 Minority interests 262,530 256,405 Stockholders' Equity: Convertible preferred stock -- -- Common stock 2 2 Cumulative redeemable preferred stock -- -- Additional paid-in-capital 535,125 421,592 Distributions in excess of accumulated earnings (43,813) (39,920) ------------------- ------------------- Total liabilities and stockholders' equity $ 1,619,734 $ 1,329,458 =================== ===================
See Company's 10-K and 10-Q for additional disclosures
F-4
Debt Summary - December 31, 2002 (Dollars in thousands) Percentage of Weighted Weighted Total Balance Average Average Maturity Debt Outstanding Interest Rate (1) In Years ---------- ------------- ---------------- -------------- Mortgage notes payable Fixed rate - secured 77% $ 618,143 6.9% 7.4 Tax exempt variable (2) 7% 59,420 5.1% 21.7 -------------- ---------------- -------------- Total mortgage notes payable 677,563 6.8% 8.7 ============== Lines of credit (3) 16% 126,500 2.6% ---------- -------------- ---------------- Total debt 100% $ 804,063 6.1% ========== ============== ================ Scheduled principal payments (excludes lines of credit) 2003 $ 25,584 2004 8,094 2005 41,074 2006 20,474 2007 63,214 Thereafter 519,123 -------------- Total $ 677,563 ============== Interest expense coverage is 3.8 times earnings before gain, interest, taxes, depreciation and amortization. Capitalized interest for the quarter ended December 31, 2002 was $1,234. (1) Weighted average interest rate for variable rate debt are approximate current values. (2) Interest rate protection agreements cap the total all in interest rate at a range of 7.1% to 7.3%. These agreements expire between 2003 and 2004. (3) One line of credit commitment is $165 million and matures in May 2004. A second line of credit commitment is $30 million and matures in December 2003. Interest on these lines is based on a tiered rate structure tied to the Company's corporate ratings and is currently at LIBOR plus 1.10%.
See Company's 10-K and 10-Q for additional disclosures
F-5
Capitalization - December 31, 2002 (Dollars in thousands, except per share data) Total debt $ 804,063 -------------- Common stock and potentially dilutive securities Common stock outstanding 20,983 Limited partnership units (1) 2,320 Options-treasury method 155 -------------- Total common stock and potentially dilutive securities 23,458 shares Common stock price per share as of December 31, 2002 $ 50.850 -------------- Market value of common stock and potentially dilutive securities $ 1,192,839 Perpetual preferred units $ 210,000 8.723% weighted average pay rate -------------- Total equity capitalization $ 1,402,839 -------------- -------------- Total market capitalization $ 2,206,902 ============== Ratio of debt to total market capitalization 36.4% ============== (1)Assumes conversion of all outstanding operating partnership interests in the Operating Partnership into shares of the Company's common stock.
See Company's 10-K and 10-Q for additional disclosures
F-6
Property Operating Results - Quarter ended December 31, 2002 and 2001 (Dollars in thousands) Southern California Northern California Pacific Northwest Other real estate assets(1) Total ---------------------------- --------------------------- --------------------------- ------------------------ ------------------------ 2002 2001 % Change 2002 2001 % Change 2002 2001 % Change 2002 2001 % Change 2002 2001 % Chang -------- ------- ---------- ------- ------- ---------- ------- ------- ---------- ------- ------- ------- ------- ------- ------- Revenues: Same property revenues $14,490 $13,479 7.5% $12,020 $13,564 -11.4% $10,243 $10,974 -6.7% $ -- $ -- n/a $36,753 $38,017 -3.3% Non same property revenues(2) 6,049 3,821 3,656 2,211 -- -- 580 134 10,285 6,166 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Total Revenues $20,539 $17,300 $15,676 $15,775 $10,243 $10,974 $ 580 $ 134 $47,038 $44,183 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Property operating expenses: Same property operating expenses $ 4,411 $ 4,177 5.6% $ 3,475 $ 3,170 9.6% $ 3,641 $ 3,220 13.1% $ -- $ -- n/a $11,527 $10,567 9.1% Non same property operating expenses(2) 1,782 1,923 1,390 1,458 -- -- 343 122 3,515 3,503 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Total property operating expenses $ 6,193 $ 6,100 $ 4,865 $ 4,628 $ 3,641 $ 3,220 $ 343 $ 122 $15,042 $14,070 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Net operating income: Same property net operating income $10,079 $ 9,302 8.4% $ 8,545 $10,394 -17.8% $ 6,602 $ 7,754 -14.9% $ -- $ -- n/a $25,226 $27,450 -8.1% Non same property operating income(2) 4,267 1,898 2,266 753 -- -- 237 12 6,770 2,663 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Total net operating income $14,346 $11,200 $10,811 $11,147 $ 6,602 $ 7,754 $ 237 $ 12 $31,996 $30,113 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Same property operating margin 70% 69% 71% 77% 64% 71% n/a n/a 69% 72% ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Same property turnover percentage 57% 58% 50% 63% 50% 47% n/a n/a 52% 55% ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Net operating income percentage of total 44% 37% 34% 37% 21% 26% 1% 0% 100% 100% ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Loss to lease(3) $ 9,178 $ (765) $ 95 $ n/a $ 8,096 ======== ======== ======== ======== ======== Loss to lease as a percentage 7.8% -1.1% -0.4% n/a 4.0% of rental income ======== ======== ======== ======== ======== (1) Includes apartment communities located in other geographic areas, other rental properties and commercial properties. (2) Includes properties which subsequent to September 30, 2000, were either acquired, disposed, in a stage of development or redevelopment without stabilized operations. (3) Loss to lease represents the annualized difference between market rents (without considering the impact of rental concessions) and contractual rents. These numbers include the Company's pro-rata interest in unconsolidated properties.
Reconciliation of apartment units at end of period Same property consolidated apartment units 4,054 4,054 3,260 3,260 4,402 4,402 -- -- 11,716 11,716 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Consolidated Apartment Units 8,143 5,405 3,737 3,737 4,402 4,402 578 -- 16,860 13,544 Down REIT 1,360 1,360 170 170 301 301 -- -- 1,831 1,831 Joint Venture 4,151 4,530 116 116 741 741 -- -- 5,008 5,387 Under Development 689 692 832 582 -- -- -- -- 1,521 1,274 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Total apartment units at end of period 14,343 11,987 4,855 4,605 5,444 5,444 578 -- 25,220 22,036 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Percentage of total 57% 54% 19% 21% 22% 25% 2% 0% 100% 100% ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Average same property financial occupancy 96.3% 92.8% 96.1% 94.3% 93.8% 92.2% 0.0% 0.0% 95.5% 93.2% ======== ======== ======== ======== ======== ======== ======== ======== ======== ========
See Company's 10-K and 10-Q for additional disclosures
F-7
Development Communities - December 31, 2002 (Dollars in millions) Total Estimated Estimated Incurred Remaining Initial Stabilized % % Project Name Location Units Cost to Date Cost Occupancy Operations Leased Occupied - ------------------------------------------- ------------------- ------- ------------ ---------- ---------- ----------- ----------- -------- ---------- Development Communities - ------------------------------------------- Direct Development - Consolidated The Essex on Lake Merritt Oakland, CA 270 $ 72.7 $ 72.7 $ -- Jun-02 Jan-03 93% 88% The San Marcos (formerly Vista del Mar) Richmond, CA 312 50.9 45.9 5.0 Jul-02 Sep-03 42% 34% Hidden Valley-Parker Ranch(1) Simi Valley, CA 324 46.0 18.1 27.9 Nov-03 Sep-04 n/a n/a Pre-development 7.1 7.1 -- ------- ------------- ----------- ----------- Subtotal - direct development 906 $ 176.7 $ 143.8 $ 32.9 Joint Venture Transactions - Unconsolidated(2) Kelvin Avenue Irvine, CA 132 $ 22.4 $ 5.4 $ 17.0 Aug-04 Mar-05 n/a n/a Chesapeake San Diego, CA 230 44.9 13.9 31.0 Apr-04 Nov-04 n/a n/a River Terrace Santa Clara, CA 250 55.0 17.4 37.6 May-04 Mar-05 n/a n/a ------- ------------- ----------- ----------- Total - development 1,518 $ 299.0 $ 180.5 $ 118.5 ======= ============= =========== =========== Stabilized Communities - Fourth Quarter 2002 - ------------------------------------------- None (1)The Company acquired bond financing which closed in December 2002. The Company has a 75% interest in this development project. (2)The Company has a 21.4% interest in development projects owned by the Fund.
See Company's 10-K and 10-Q for additional disclosures
F-8
Redevelopment Communities - December 31, 2002 (Dollars in thousands) Total Estimated Estimated incurred Remaining Redevelopment Restabilized Project Name Units Cost to date Cost Start Operations (1) - ------------------------------------------ ------- ---------- ---------- ---------- ------------- --------------- None Re-stabilized Communities - Fourth Quarter 2002 - ------------------------------------------ Le Parc Luxury Apartments (Plumtree) 140 $ 3,400 $ 3,332 $ 68 Nov-01 Oct-02 The Lofts at Pinehurst (Villa Scandia) 118 3,520 3,471 49 Jun-01 Oct-02 ------- ---------- ---------- ---------- Totals 258 $ 6,920 $ 6,802 $ 118 ======= ========== ========== ========== (1)Restabilized operations is defined as the month that the property reaches at least 95% occupancy after completion of the redevelopment project.
See Company's 10-K and 10-Q for additional disclosures
F-9
Investments - December 31, 2002 Debt $50.850 ------------------------------------- Down Value of Essex (Dollars in thousands) Book Estimated Interest Maturity REIT Down REIT Equity Value Value(1) Amount Type Rate Date Units Unit Value(2) - --------------------------------------------------------------- --------- ------------------------------------- -------- --------- --------- Down REIT's Highridge, Rancho Palos Verde, CA $ 19,999 Fixed 6.26% Jun-07 Anchor Village, Mukilteo, WA 10,750 Var/bonds 5.50% Dec-27 Barkley Apartments, Anaheim, CA 5,333 Fixed 6.63% Feb-09 Brookside Oaks, Sunnyvale, CA 15,043 Fixed 7.90% Oct-10 Capri at Sunny Hills, Fullerton, CA 12,418 Fixed 5.37% Aug-07 Hearthstone, Santa Ana, CA 10,052 Fixed 7.01% Jun-08 Montejo, Garden Grove, CA 6,194 Fixed 6.98% Feb-11 Treehouse, Santa Ana, CA 8,339 Fixed 6.98% Feb-11 Valley Park, Fountain Valley, CA 10,564 Fixed 6.98% Feb-11 Villa Angelina, Placentia, CA 14,285 Fixed 6.98% Feb-11 -------- $ 11,346 $ 213,961 112,977 1,477 $ 75,105 $ 25,879 Value of Company Joint Ventures Equity Ownership Essex Apartment Value Fund, L.P. -------- --------- Andover Park, Beaverton, OR 12,380 Fixed 6.60% Oct-11 Vista Del Rey (El Encanto), Tustin, CA 7,968 Fixed 6.95% Feb-11 Rosebeach, La Mirada, CA 8,409 Fixed 7.09% Feb-11 Hunt Club, Lake Oswego, CA 11,656 Fixed 7.05% Feb-11 The Crest, Pomona, CA 35,735 Fixed 7.99% Jul-05 Foxborough (Woodland), Orange, CA 4,895 Fixed 7.84% Jul-09 The Arboretum at Lake Forest, Lake Forest, CA -- Ocean Villas, Oxnard, CA -- Villas at Carlsbad, Carlsbad, CA -- Kelvin Avenue, Irvine, CA (development) -- Chesapeake, San Diego, CA (development) -- Rivermark, Santa Clara, CA (development) 10,500 Fixed 8.00% Jan-04 Line of credit 86,399 Var. LIBOR+.875 Dec-03 -------- 17,832 225,258 177,942 $ 47,316 21.4% 10,126 AEW The Pointe at Cupertino, Cupertino, CA -- Tierra Vista, Oxnard, CA 37,825 Fixed 5.93% Jun-07 -------- 7,352 76,173 37,825 38,348 20.0% 7,670 Lend Lease Coronado at Newport - North, CA 56,840 Fixed 5.30% Dec-12 Coronado at Newport - South, CA (rehab not yet started) 50,050 Fixed 5.30% Dec-12 -------- 13,234 153,147 106,890 46,257 49.9% 23,082 Other Joint Ventures Park Hill Apartments, Issaquah, WA 5,652 25,961 21,674 Fixed 6.90% Aug-29 4,287 45.0%(3) 5,652 Other 5,796 5,796 --------- ---------- $ 61,212 $ 78,204 ========= ========== (1)Estimated value based on estimated 2003 net operating income applying capitalization rates ranging from 7.50% to 7.75% on stabilized multifamily properties. Other properties, either in development, redevelopment or acquired less than 12 months ago are valued at cost. (2)Although the Company generally intends to hold these properties for use, the Company equity value assumes liquidation at December 31, 2002. (3)The Company's 45% ownership interest receives a cumulative preferred return.
See Company's 10-K and 10-Q for additional disclosures
F-10
ESSEX PROPERTY TRUST, INC. REAL ESTATE INFORMATION 31-Dec-02 Square Year Year Property Name Address City State Units Footage Acquired Built --------------------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY COMMUNITIES --------------------------------------------------------------------------------------------------------------------------------------- SAN FRANCISCO BAY AREA --------------------------------------------------------------------- Santa Clara County --------------------------------------- 1 Pointe at Cupertino, The (Westwood) 19920 Olivewood Street Cupertino CA 116 135,288 1998 1963 1 Carlyle, The 2909 Nieman Boulevard San Jose CA 132 129,216 2000 2000 1 Waterford, The 1700 N. First Street San Jose CA 238 219,642 2000 2000 1 Le Parc (Plumtree) 440 N. Winchester Avenue Santa Clara CA 140 113,260 1994 1975 1 Marina Cove 3480 Granada Avenue Santa Clara CA 292 250,294 1994 1974 River Terrace N.E. corner Montague/Agnew Santa Clara CA 250 223,880 1 Bristol Commons 732 E. Evelyn Avenue Sunnyvale CA 188 142,668 1995 1989 1 Brookside Oaks 1651 Belleville Way Sunnyvale CA 170 119,980 2000 1973 1 Oak Pointe 450 N. Mathilda Avenue Sunnyvale CA 390 294,180 1988 1973 1 Summerhill Park 972 Corte Madera Avenue Sunnyvale CA 100 78,584 1988 1988 1 Windsor Ridge 825 E. Evelyn Avenue Sunnyvale CA 216 161,892 1989 1989 ---------------------------- 8% 1,982 1,645,004 Alameda County --------------------------------------- 1 Stevenson Place (The Apple) 4141 Stevenson Blvd. Fremont CA 200 146,296 1983 1971 1 Treetops 40001 Fremont Blvd. Fremont CA 172 131,270 1996 1978 1 Wimbeldon Woods 25200 Carlos Bee Blvd. Hayward CA 560 462,400 1998 1975 1 Summerhill Commons 36826 Cherry Street Newark CA 184 139,012 1987 1987 Essex at Lake Merritt, The 108-116 17th Street Oakland CA 270 258,967 ---------------------------- 5% 1,116 732,682 Contra Costa County --------------------------------------- San Marcos (Vista del Mar) Hilltop Drive at Richmond PkwyRichmond CA 312 292,716 1 Bel Air (The Shores) 2000 Shoreline Drive San Ramon CA 462 391,136 1995 1988 114 units 2000 1 Eastridge Apartments 235 East Ridge Drive San Ramon CA 188 174,104 1996 1988 1 Foothill Gardens 1110 Harness Drive San Ramon CA 132 155,100 1997 1985 1 Twin Creeks 2711-2731 Morgan Drive San Ramon CA 44 51,700 1997 1985 ---------------------------- 3% 826 772,040 San Francisco County --------------------------------------- 1 Mt. Sutro Terrace Apartments 480 Warren Drive San Francisco,CA 0% 99 64,095 1999 1973 --------------------------------------- ---------------------------- 19 Total San Francisco Bay Area 17% 4,023 3,213,821 SOUTHERN CALIFORNIA --------------------------------------------------------------------- Los Angeles County --------------------------------------- 1 Hampton Court (Columbus) 1136 N. Columbus Avenue Glendale CA 83 71,573 1999 1974 1 Hampton Place (Loraine) 245 W. Loraine Street Glendale CA 132 141,591 1999 1970 1 Rosebeach 16124 E. Rosecrans Ave. La Mirada CA 174 172,202 2000 1970 1 Marbrisa 1809 Termino Ave. Long Beach CA 202 122,870 2002 1987 1 Pathways 5945 E. Pacific Coast Hwy. Long Beach CA 296 197,720 1991 1975 1 Bunker Hill 222 and 234 S. Figueroa St. Los Angeles CA 456 346,672 1998 1968 1 City Heights 209 S. Westmoreland Los Angeles CA 687 424,170 2000 1968 1 Cochran Apartments 612 South Cochran Los Angeles CA 58 51,468 1998 1989 1 Kings Road 733 North Kings Road Los Angeles CA 196 132,112 1997 1979 1 Park Place 400 S. Detroit Street Los Angeles CA 60 48,000 1997 1988 1 Windsor Court 401 S. Detroit Street Los Angeles CA 58 46,600 1997 1988 1 Mirabella (Marina View) 13701 Marina Point Drive Marina Del Rey CA 188 176,860 2000 2000 1 Hillcrest Park (Mirabella) 1800 West Hillcrest Drive Newbury Park CA 608 521,968 1998 1973 1 Monterra del Mar (Windsor Terrace) 280 E. Del Mar Boulevard Pasadena CA 123 74,475 1997 1972 1 Monterra del Rey (Glenbrook) 350 Madison Pasadena CA 84 73,101 1999 1972 1 Monterra del Sol (Euclid) 280 South Euclid Pasadena CA 85 69,295 1999 1972 1 Crest, The 400 Appian Way Pomona CA 501 498,036 2000 1986 1 Highridge 28125 Peacock Ridge Drive Rancho Palos Verde CA 255 290,250 1997 1972 1 Avondale at Warner Center 22222 Victory Blvd. Woodland Hills CA 446 331,072 1999 1970 ---------------------------- 20% 4,692 3,790,035 Ventura County --------------------------------------- 1 Camarillo Oaks 921 Paseo Camarillo Camarillo CA 564 459,072 1996 1985 1 Mariner's Place 711 South B Street Oxnard CA 105 77,254 2000 1987 1 Ocean Villa 4202-4601 Dallas Drive Oxnard CA 119 108,900 2002 1974 1 Tierra Vista Rice and Gonzales Oxnard CA 404 387,144 2001 2001 1 Village Apartments 1040 Kelp Lane Oxnard CA 122 122,120 1997 1974 1 Meadowood 1733 Cochran Street Simi Valley CA 320 264,568 1996 1986 Parker Ranch Los Angeles and Stearns Simi Valley CA 324 310,938 1 Villa Scandia 1021 Scandia Avenue Ventura CA 118 71,160 1997 1971 ---------------------------- 7% 1,752 1,490,218 Orange County --------------------------------------- 1 Barkley Apartments 2400 E. Lincoln Ave. Anahiem CA 161 139,835 2000 1984 1 Vista Pointe 175-225 S. Rio Vista Anahiem CA 286 242,410 1985 1968 1 Valley Park Apartments 17300 Euclid Ave. Fountain Valley CA 160 169,788 2001 1969 1 Capri at Sunny Hills 2341 Daphne Place Fullerton CA 100 128,100 2001 1961 1 Wilshire Promenade 141 West Wilshire Avenue Fullerton CA 149 128,130 (1) 1997 1992 1 Montejo Apartments 12911 Dale St. Garden Grove CA 124 103,280 2001 1974 1 Huntington Breakers 21270 Beach Boulevard Huntington Beach CA 342 241,763 1997 1984 Irvine development 2552 Kelvin Ave. Irvine CA 135 122,456 1 Hillsborough Park 1501 South Beach Boulevard La Habra CA 235 215,510 1999 1999 1 Arboretum at Lake Forest 22700 Lake Forest Drive Lake Forest CA 225 215,319 2002 1970 1 Trabuco Villas 25362 Mosswood Way Lake Forest CA 132 131,032 1997 1985 1 Coronado At Newport-North 880 Irvine Avenue Newport Beach CA 732 459,677 1999 1968 1 Coronado At Newport-South 1700 16th Street Newport Beach CA 715 498,716 1999 1969 1 Fairways Apartments 2 Pine Valley Lane Newport Beach CA 74 107,160 1999 1972 1 Woodland Apartments 501 East Katella Ave. Orange CA 90 108,000 2000 1969 1 Villa Angelina 201 E. Chapman Ave. Placentia CA 256 217,600 2001 1970 1 Hearthstone Apartments 2301 E. Santa Clara Ave. Santa Ana CA 140 154,820 2001 1970 1 Treehouse Apartments 2601 N. Grand Ave. Santa Ana CA 164 135,762 2001 1970 1 El Encanto 1151 Walnut Ave. Tustin CA 116 92,760 2000 1969 ---------------------------- 18% 4,201 3,489,662 San Diego County --------------------------------------- 1 Alpine Country 2660 Alpine Blvd. Alpine CA 108 81,900 2002 1986 1 Alpine Village 2055 Arnold Way Alpine CA 306 254,424 2002 1971 1 Bonita Cedars 5155 Cedarwood Rd. Bonita CA 120 120,824 2002 1983 1 Villas at Carlsbad 2600 Kremeyer Circle Carlsbad CA 102 72,960 2002 1965 1 Cambridge 660 F. St. Chula Vista CA 40 22,140 2002 1965 1 Woodlawn Colonial 245-255 Woodlawn Ave. Chula Vista CA 159 104,583 2002 1974 1 Mesa Village 5265 Clairemont Mesa Blvd. Clairemont CA 133 43,696 2002 1963 1 Casa Tierra 355 Orlando St. El Cajon CA 40 28,730 2002 1972 1 Coral Gardens 425 East Bradley El Cajon CA 200 182,000 2002 1976 1 Tierra del Sol/Norte 989 Peach Ave. El Cajon CA 156 117,000 2002 1969 1 Grand Regacy 2050 E. Grand Ave. Escondido CA 60 42,432 2002 1967 1 Mira Woods Villa 10360 Maya Linda Rd. Mira Mesa CA 355 262,630 2002 1982 1 Country Villas 283 Douglas Drive Oceanside CA 180 179,764 2002 1976 1 Bluffs II, The 6466 Friars Road San Diego CA 224 126,744 1997 1974 Chesapeake Front at Beech St. San Diego CA 230 147,480 1 Emerald Palms 2271 Palm Ave. San Diego CA 152 133,000 2002 1986 1 Summit Park 8563 Lake Murray Blvd. San Diego CA 300 229,400 2002 1972 1 Vista Capri - East 4666 63rd St. San Diego CA 26 16,890 2002 1967 1 Vista Capri - North 3277 Berger Ave. San Diego CA 106 51,840 2002 1975 1 Carlton Heights 9705 Carlton Hills Blvd. Santee CA 70 48,440 2002 1979 1 Shadow Point 9830 Dale Ave. Spring Valley CA 172 131,260 2002 1983 ---------------------------- 13% 3,009 2,250,657 --------------------------------------- ---------------------------- 64 Total Southern California 58% 13,654 11,020,572 SEATTLE METROPOLITAN AREATotal Seattle Metropolitan Area 17% 4,073 3,397,634 PORTLAND METROPOLITAN AREA --------------------------------------------------------------------- 1 Andover Park 15282 SW Teal Blvd. Beaverton OR 240 227,804 2001 1992 1 Jackson School Village 300 NE Autumn Rose Way Hillsboro OR 200 196,896 1996 1996 1 Landmark Apartments 3120 NW John Olsen Ave. Hillsboro OR 285 282,934 1996 1990 1 Hunt Club 6001 SW Bonita Road Lake Oswego OR 256 198,056 2000 1985 1 Meadows @ Cascade Park 314 SE 19th Street Vancouver WA 198 199,377 1997 1989 1 Village @ Cascade Park 501 SE 123rd Avenue Vancouver WA 192 178,144 1997 1989 --------------------------------------- ---------------------------- 6 Total Portland Metropolitan Area 6% 1,371 1,283,211 OTHER AREAS --------------------------------------------------------------------- 1 Devonshire Apartments 2770 West Devonshire Ave. Hemet CA 276 207,220 2002 1988 1 St. Cloud Apartments 6525 Hilcroft Houston TX 302 306,869 2002 1968 ---------------------------- 2 2% 578 514,089 ---------------------- 112 Multifamily Properties 23,699 19,429,327 1998 1980 6 Multifamily Properties Under Construction 1,521 1,356,437 ====================== Avg. square footage 820 Avg. units per property 212 Avg. age of property 22 (1) Also has 11,836 square feet of commercial/retail space. (2) Also has 9,512 square feet of commercial space. OTHER REAL ESTATE ASSETS --------------------------------------------------------------------- Manufactured Housing Communities --------------------------------------- Green Valley 2130 Sunset Dr. Vista CA 157 pads 2002 1973 Riviera 2038 Palm St. Las Vegas NV 450 pads 2002 1969 Recreational Vehicle Parks --------------------------------------- Circle RV 1835 E. Main St. El Cajon CA 179 spaces 2002 1977 Vacationer 1581 E. Main St. El Cajon CA 159 spaces 2002 1973 Diamond Valley 344 N. State St. Hemet CA 224 spaces 2002 1974 Golden Village 3600 W. Florida Ave. Hemet CA 1019 spaces 2002 1972 Riviera RV 2200 Palm St. Las Vegas NV 136 spaces 2002 1969 Office Buildings --------------------------------------- Essex Corporate Headquarter Bldg. 925 E. Meadow Dr. Palo Alto CA 17,400 1997 1988 Valley Financial Office Building 2399 Camino Del Rio South San Diego CA 5,200 2002 1978 Moore Street Office Building 3205 Moore St. San Diego CA 2,000 2002 1957 Essex Southern Cal. Office Building 22110-22120 Clarendon St. Woodland Hills CA 38,940 2001 1982
F-11
New Residential Supply: Permits as % of Current Stock 12 Month Permit Period: December 2001 through December 2002 (inclusive)
- ------------------------------------------------------------------- -------------------------------------- ----------------------------- Single Family Data Multi-Family Data All Residential Data =================================================================== ====================================== ============================= Market Median SF SF Stock SF Permits % of MF Stock MF Permits % of Total Residential % of Price (2001 2000 Last 12 Months Stock 2000 Last 12 months Stock Permits Last 12 Mont Stock =================================================================== ====================================== ============================= Boston $356,600 1,530,000 4,741 0.3% 670,800 1,869 0.3% 6,610 0.3% New York PMSA $258,700 760,000 2,851 0.4% 2,920,000 11,815 0.4% 14,666 0.4% Nassau-Suffolk $248,400 740,000 4,203 0.6% 240,000 794 0.3% 4,997 0.5% Philadelphia $134,800 1,532,000 13,311 0.9% 515,100 1,731 0.3% 15,042 0.7% Chicago $198,500 1,700,000 29,862 1.8% 1,404,900 9,792 0.7% 39,654 1.3% Miami/Ft. Lauderdale $165,400 717,000 12,073 1.7% 876,000 13,641 1.6% 25,714 1.6% Minneapolis $167,100 818,000 17,426 2.1% 351,800 6,845 1.9% 24,271 2.1% Wash. D.C. PMSA $212,700 1,299,000 29,951 2.3% 644,300 10,508 1.6% 40,459 2.1% Denver $218,300 582,000 14,133 2.4% 274,900 6,625 2.4% 20,758 2.4% Austin $152,000 326,000 7,199 2.2% 169,900 4,972 2.9% 12,171 2.5% Dallas-Ft. Worth $131,100 1,381,000 38,587 2.8% 650,000 11,479 1.8% 50,066 2.5% Houston $122,400 1,027,000 29,059 2.8% 547,700 10,757 2.0% 39,816 2.5% Phoenix $139,400 970,000 39,862 4.1% 360,500 6,809 1.9% 46,671 3.5% Orlando $124,100 482,000 17,293 3.6% 201,500 8,261 4.1% 25,554 3.7% Atlanta $139,100 1,122,000 49,952 4.5% 467,800 15,239 3.3% 65,191 4.1% Las Vegas $149,100 440,000 24,691 5.6% 215,700 6,844 3.2% 31,535 4.8% ----------------------------------------------- -------------------------------------- ----------------------------- Totals $188,100 15,426,000 335,194 2.2% 10,510,900 127,981 1.2% 463,175 1.8% =============================================== ====================================== ============================= Seattle $245,400 656,000 10,298 1.6% 354,487 5,154 1.5% 15,452 1.5% Portland $172,300 561,000 10,415 1.9% 225,335 3,178 1.4% 13,593 1.7% San Francisco $475,500 368,000 1,063 0.3% 344,000 1,897 0.6% 2,960 0.4% Oakland $422,600 625,000 7,361 1.2% 270,000 1,683 0.6% 9,044 1.0% San Jose $516,800 388,000 2,096 0.5% 192,000 2,211 1.2% 4,307 0.7% Los Angeles $241,400 1,877,000 8,182 0.4% 1,392,963 7,742 0.6% 15,924 0.5% Ventura $319,300 199,000 2,252 1.1% 53,295 237 0.4% 2,489 1.0% Orange $373,800 628,000 6,823 1.1% 340,800 4,597 1.3% 11,420 1.2% San Diego $298,600 664,000 8,689 1.3% 375,664 4,166 1.1% 12,855 1.2% PNW $211,703 1,217,000 20,713 1.7% 579,822 8,332 1.4% 29,045 1.6% No Cal $463,162 1,381,000 10,520 0.8% 806,000 5,791 0.7% 16,311 0.7% So Cal $281,967 3,368,000 25,946 0.8% 2,162,722 16,742 0.8% 42,688 0.8% ----------------------------------------------- -------------------------------------- ----------------------------- ESSEX $309,577 5,966,000 57,179 1.0% 3,548,543 30,865 0.9% 88,044 0.9% =============================================== ====================================== ============================= Permits: Single Family equals 1 Unit, Multi-Family equals 5 or More Units Sources: SF Prices - National Association of Realtors,Rosen Consulting Group : Permits, Total Residential Stock - U.S. Census Single Family - Multi-Family Breakdown of Total Resdiences, Rosen Consulting Group, US Census, EASI, Essex
F-12
B(T>\`"2220>J9((8S+`DC
M:.<^[TA'&R*H%0Y)2$1).>!&N2.!XX#P``#-!G:W4-P!"+"X:#5L`10!C:'\
M<`#@C:`7)C"`[K0A@3.%..1A+\$9X7[!AAH^#C0(0-0#7K+%<#4+